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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Moodys Liquidity-Stress Index rises in January; overall credit conditions supportive for spec-grade firms
Feb 06,2017

Moodys Liquidity-Stress Index (LSI) rose in January after nine months of gains that have occurred largely in tandem with the steady easing of strains in the energy sector, the rating agency says in its most recent edition of SGL Monitor Flash. The LSI came in at 6.2% last month, against 5.9% in December and a long-term average of 6.8%.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The increase in the LSI in January resulted from four downgrades related to 2018 maturities and operational weakness that increased covenant violation risk, said Senior Vice President John Puchalla. More broadly, however, credit conditions remain supportive of speculative-grade companies as a relatively healthy US economy continues to bolster cash flows.

In addition, a steady stream of new speculative-grade issuance has been helping companies across the rating spectrum to address their refinancing and other balance-sheet needs, Puchalla says. High-yield bond issuance totaled a relatively healthy $24 billion last month, against $8 billion a year ago. Leveraged loan issuance was also strong.

Januarys four speculative-grade liquidity (SGL) rating downgrades were notable because they were all outside the energy sector, with companies in the retail/restaurants, chemicals, and paper and forest products sectors impacted. The downgrades were all also to Moodys lowest liquidity rating, SGL-4. While most spec-grade companies have been busy refinancing, a few face maturity-related stresses. Paper & forest products concern Appvion, Inc., for example, was downgraded to SGL-4 due partly to a revolver maturing in June 2018 and weak EBITDA.

Refinancings have continued to fuel upgrades, Moodys says. Energy companies are benefiting from higher oil prices, with exploration and production concern MEG Energy Corp., for instance, seeing an upgrade on the back of better oil prices and a debt refinancing. Chemical company Koppers Holdings Inc.s SGL rating was also raised in January due in part to a refinancing.

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Abbott India jumps after decent Q3 results
Feb 06,2017

The result was announced during trading hours today, 6 February 2017.

Meanwhile, the BSE Sensex was up 227.54 points, or 0.81%, to 28,468.06.

On the BSE, so far 2,687 shares were traded in the counter, compared with average daily volumes of 430 shares in the past one quarter. The stock had hit a high of Rs 4,675.50 and a low of Rs 4,450 so far during the day.

The stock hit a 52-week high of Rs 5,220 on 4 March 2016. The stock hit a 52-week low of Rs 4,351 on 24 January 2017.

The mid-cap company has equity capital of Rs 21.25 crore. Face value per share is Rs 10.

Abbott India, a subsidiary of Abbott Laboratories, offers medicines in multiple therapeutic categories such as womens health, gastroenterology, cardiology, metabolic disorders and primary care. Abbott India is part of Abbotts global pharmaceutical business in India.

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Steel Strips Wheels launches new Hot Rolling Mill at Saraikela (Jharkhand)
Feb 06,2017

Steel Strips Wheels will start mass production at its newly launched Hot Steel Rolling Mill at Saraikela (Jharkhand) from the month of February 2017 and has booked the complete capacity utilisation from day 1.

The factory has an annual capacity of rolling 50000 MT and it has entered into a strategic tie up to roll up to 18000 MT steel bars/ flats with a reputed company in the region, there by booking the remaining capacity of the rolling mill from Day 1 of manufacturing. The tie up is for rolling 1500 MT per month for a initial period of 3 years.

The said hot rolling mill is 40 km away from existing commercial wheel manufacturing facility of the company at Jamshedpur and will be backward integration for this plant. The said wheel manufacturing along with companys new truck wheel facility in Chennai will utilise close to 65% of the rolling mill capacity.

The rolling mill has been set up at an approx. cost of Rs 60 crore.

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Bharat Heavy Electricals secures 3.6 MW Rooftop Solar PV Systems order
Feb 06,2017

Bharat Heavy Electricals has secured an EPC order for the installation of Solar Photovoltaic rooftop systems totalling to 3.6 MW capacity from the Surat Municipal Corporation.

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HDIL leads gainers in A group
Feb 06,2017

HDIL jumped 9.72% to Rs 71.70 at 14:47 IST. The stock topped the gainers in the BSEs A group. On the BSE, 58.39 lakh shares were traded on the counter so far as against the average daily volumes of 17.58 lakh shares in the past two weeks.

Shree Renuka Sugars surged 7.92% to Rs 16.35. The stock was the second biggest gainer in A group. On the BSE, 29.14 lakh shares were traded on the counter so far as against the average daily volumes of 5.93 lakh shares in the past two weeks.

Bajaj Finserv gained 6.9% at Rs 3,674.05. The stock was the third biggest gainer in A group. On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 15,000 shares in the past two weeks.

Just Dial advanced 5.39% at Rs 399.80. The stock was the fourth biggest gainer in A group. On the BSE, 5.11 lakh shares were traded on the counter so far as against the average daily volumes of 2.16 lakh shares in the past two weeks.

Jubilant FoodWorks rose 7.56% to Rs 988.35. The stock was the fifth biggest gainer in A group. On the BSE, 1.99 lakh shares were traded on the counter so far as against the average daily volumes of 80,000 shares in the past two weeks.

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City Union Bank opens eight new branches
Feb 06,2017

City Union Bank has opened 8 new branches on 06 February 2017 at the following locations - Ariyankuppam, HSR Layout, Thirumullaivoyal, Ilayangudi, Kalayarkoil, Odderpalayam, Sanoorapatti and Vengaivassal.

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Optiemus Infracom to design and sell Blackberry-branded android mobile handsets in India
Feb 06,2017

Optiemus Infracom announced that Blackberry has announced its next major exclusive Licensing Agreement with Optiemus Infracom for production of Blackberry-branded android mobile handsets in India, Sri Lanka, Nepal & Bangladesh. This tie up qualifies Optiemus to design, sell, promote and provide customer support for blackberry mobile devices in India & aforementioned global markets. This agreement forms expansion on the existing relationship announced in November 2016.

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Enkei Wheels (India) drops after dismal Q3 result
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the BSE Sensex was up 225.17 points, or 0.8%, to 28,465.69

On BSE, so far 10,000 shares were traded in the counter, compared with an average volume of 2,758 shares in the past one quarter. The stock hit a high of Rs 181 and a low of Rs 172.10 so far during the day. The stock hit a 52-week high of Rs 221 on 24 October 2016. The stock hit a 52-week low of Rs 116 on 1 March 2016.

The small-cap auto component maker has an equity capital of Rs 7.44 crore. Face value per share is Rs 5.

Enkei Wheels (India) is a manufacturer of the aluminum alloy wheels to two wheelers as well as four wheelers.

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Omega Ag Seeds (Punjab) announces resignation of director cum MD
Feb 06,2017

Omega Ag Seeds (Punjab) has received the resignation intimation from Nerella Venkata Rama Mohan Rao wherein he has resigned from the Board of the Company as Director as well as Managing Director.

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Jayshree Chemicals announces demise of director
Feb 06,2017

Jayshree Chemicals announced about the sad and sudden demise of Prabir Chakravarti, a Director of the Company on 05 February 2017.

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Bombay Burmah Trading Corporation issues commercial paper aggregating Rs 50 crore
Feb 06,2017

Bombay Burmah Trading Corporation announced that the Corporation has issued Commercial Paper for an aggregate amount of Rs. 50 crore on 02 February 2017 for 90 days and having maturity date 03 May 2017.

India Ratings & Research has granted rating of A1+ for issue of Commercial Paper by the Corporation.

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All efforts on for smooth handling of data for transition to GST: Member, CBEC
Feb 06,2017

With the goods and services tax (GST) on the anvil, all state governments are working very closely with central government and all efforts are on to put the elaborate information technology (IT) infrastructure in place for smooth handling of massive amount of data, a top CBEC (Central Board of Excise and Customs) official said at an ASSOCHAM event held in New Delhi today.

n++We are on the anvil of introduction of GST, it is going to be a monumental change and a massive task for all the stakeholders - whether it is government, state governments, taxpayers and others,n++ said Mr S. Ramesh, Member (Central Excise, Service Tax and IT), CBEC said at an ASSOCHAM Post-Budget Seminar.

n++This budget has become very concise and has been done only where it was absolutely thought necessary, when this massive change (GST) is due it was in the fitness of things that the changes should be barest at the minimum,n++ said Mr Ramesh.

n++Still there are several changes as far as the rates, legal provisions, procedural aspects of customs, excise and service tax in this budget - impetus to Make in India theme which has been the major thrust area of the government, rationalisation of duty rates, promotion of cashless transactions which is the most important driving force for the present government, dispute resolution and avoidance of litigation and finally implementation of certain government policies and directives,n++ he added.

He said that whatever has been done as far as taxation of individuals and non-tax territory, they are fully within the ambit of present provisions. n++I would also like to say that these have been part of international best practices abroad and it is time that India also adopts such international best practices,n++ he added.

He further said that the government is committed to reduction of disputes which often arise in taxation matters due to various interpretational and other issues.

Mr Abrar Ahmed, Principal Chief Commissioner of Income Tax, Delhi said, n++We should diagnose what are the reasons for India being largely a non-tax compliant country, this is not alone the responsibility of the government.n++

He said that government has got limited resources and thus greater co-operation of industry, trade bodies and the public at large is required. n++Government is doing whatever is possible, so psychology has to be changed because we are non-compliant.n++

Highlighting the need for public at large to pay due taxes, Mr Ahmed said, n++We should educate and try to change the psychology of people to pay due taxes.n++

On the issue of honouring honest taxpayers, he said that though there are already many schemes, introduction of social security system like in other countries may also be devised. n++That can be examined and we can discuss with higher authorities as there is no dispute about honouring honest taxpayers.n++

He also said that as far as accountability of officers is concerned, there is much more transparency in the present era of RTI (Right to Information) and centralised public grievance redressal and monitoring system (CPGRAMS).

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Moodys: Asian non-financial corporates negative rating trend will likely moderate in 2017
Feb 06,2017

Moodys Investors Service says that the negative pressure on the ratings of non-financial corporates in Asia seen during 2016 will likely moderate over the next 12 months.

Our expectation that the negative rating trend will moderate in 2017 reflects the partial recovery made by commodities prices, the fact that the monetary policy of major central banks n++ with the exception of the US Fed n++ will likely stay accommodative, continued solid growth in the US, and growth in China stabilizing at close to the official target, says Clara Lau, a Moodys Group Credit Officer.

At the same time, several factors will likely lead to uncertainty in the capital markets and could reverse the stabilizing rating trend in 2017, adds Lau.

Moodys analysis is contained in its just-released report titled Credit Strategy & Standards: Asian Non-Financial Corporates Negative Rating Trend Will Likely Moderate in 2017, and is authored by Lau.

Moodys report points out that at end-4Q 2016, the share of ratings with negative implications n++ representing ratings with negative outlooks or which are placed under review for downgrade n++ stood at 29%, the lowest level for the four quarters of the year. However, the result was still higher than the 19% at end-4Q 2015.

The share of ratings with a stable outlook crept up to 65% at end-4Q 2016 compared to the 60% registered over the previous two quarters.

Moodys points out that there are a few factors which will lead to uncertainty in the capital markets and could reverse the stabilizing rating trend in 2017.

The US Federal Reserve raised interest rates in December 2016, and the Fed anticipates three further hikes in 2017; a development which n++ if it occurs n++ would have negative implications for corporates in Asia Pacific, such as for companies holding large US-dollar debt without matching cash inflows.

The possibility that the European Central Bank could reduce the scale of its monetary stimulus program in 2017, and the Chinese governments tightening of capital outflows could also lead to increased volatility in the markets.

Moodys report says that overall, negative rating actions significantly outnumbered positive ones for non-financial corporates in Asia Pacific in 2016, with 148 negative versus 48 positive actions. By region, China was the main driver of the negative rating actions, accounting for 70 of the total 148. And, by industry, metals & mining companies and property developers each accounted for 22 negative actions.

There were two corporate defaults recorded in 2016 , significantly lower than the nine defaults seen in 2015.

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McDonalds revamps McDelivery Services App
Feb 06,2017

Westlife Development announced that its subsidiary, Hardcastle Restaurants has announced addition of new features in the McDelivery App by McDonalds.

McDonalds has revamped its entire McDelivery app experience, by introducing a host of consumer centric features. One such feature is the maps integration that now allows consumers to just drop the pin on the map and know if theyre in the delivery service area to get delicious food delivered to themselves or to their loved ones, right at their doorstep. Personalization has been the priority with the launch of the new app. Customers can customize their favorite burger by adding/ removing ingredients in an intuitive way as per their preferences. Moreover, they can place smooth and fast orders by choosing from McDonalds exhaustive list of McCafn++ beverages, desserts and meal options. To get real- time tracking on the phone, one can simply place orders and track the status of his or her delivery. The app also has enhanced digital payment solutions and FreeCharge e-wallet for easy cashless transactions. With the order history feature, customers can view theirpast orders and reorder with a simple click. As a gratification, customers can also now use the Refer-a-friend feature to enjoy complimentary burgers.

For offering quick delivery, McDeliveryn++ has also partnered with Zomato and Food Panda for customers to order McDonalds meal at their doorstep.

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Pudumjee Industries announces cessation of CFO
Feb 06,2017

Pudumjee Industries announced that S V Duppaliwar has ceased to be a Chief Financial Officer of the Company.

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